AURORA, COLO. — Forest City Science + Technology Group, a division of Forest City Enterprises Inc., has broken ground for the construction of Colorado Science + Technology Park at Fitzsimons in Aurora. Initial plans include the development of Forest City’s first life science building, which will accommodate the growth of the region’s existing life science industry as well as existing incubator tenants on site. Additionally, the site will feature a Hyatt Place hotel and conference facility, and an approximately 175,000-square-foot office building for University Physicians Inc. At full development, the 578-acre project is projected to generate statewide totals of $11.5 billion in economic production, $4.3 billion in annual personal income and nearly 100,000 jobs. The Colorado Science + Technology Park at Fitzsimons, which is located near Interstate 225 and Colfax, is a 184-acre medical and research.
PHOENIX — Dublin, Calif.-based Granite Capital Investments Inc. has acquired V3 Corporate Center, a 40,026-square-foot office building, for $10.5 million. Located at 1048 N. 44th St. in Phoenix, the Class A building is currently 100 percent occupied by V3 Landmark Engineering, Meridian West Development, Pinnacle Design and Blockbuster Video. Built in 2006, the property features flat screen televisions in the restrooms, an on-site fitness facility and a large rooftop bar/patio. Phoenix-based Meridian West HQ LLC was the developer/seller. Eric Wichterman and Ann Sondrol of Grubb & Ellis|BRE Commercial, along with Steve Kohls of Lee & Associates, represented both parties in the transaction.
SUNRISE, FLA. — Liberty Property Trust has purchased a 106,910-square-foot medical office building, located at 13621 N.W. 12th St. in Sunrise, from an undisclosed buyer for $16.55 million. The property, which sits on 6.95 acres, is fully leased to United Healthcare. Darren Sides and Tim Schenk of Stan Johnson Co.’s Team Sides brokered the transaction and represented the seller’s advisor, New York City-based Real Estate Capital Partners.
VIRGINIA BEACH, VA. — To accommodate recent growth, Virginia Beach-based Liberty Tax Service will add an additional 30,000 square feet to its currently 31,000-square-foot headquarters, located in the Corporate Landing Business Park on Dam Neck Road in Virginia Beach. The expansion was spurred on by the company’s acquisition of eSmart Tax last year. The project is expected to cost $6.46 million and generate 144 new jobs.
GRAND RAPIDS, MICH. — Marcus & Millichap Capital Corp. has arranged a $9.37 million fixed-rate loan for the acquisition of a 160,000-square-foot office facility located at 4420 44th St. SE in Grand Rapids. The loan is based on a 10-year term, with a 25-year amortization schedule. Financing for the property was provided by an undisclosed commercial bank at a 5.75 percent fixed-rate for the first 5 years. Jake Roberts and Anita Paryani in the West Los Angeles office of Marcus & Millichap Capital Corp. arranged the financing for the office building.
LINCOLN, MASS. — CB Richard Ellis (CBRE) has brokered the sale of Lincoln North, a three-story, Class A office building located in Lincoln, for $28.5 million. The building is situated at 55 Old Bedford Rd. and totals 128,163 square feet. Bill Moylan, Gary Lemire, Matt Pullen and Andy Majewski of CBRE’s Capital Markets Team represented the seller, IBUS Asset Management. Larry Smith of Cranberry Hill Associates represented the buyer, FFMS Lincoln North LLC, which is an affiliate of Cranberry Hill Associates. Smith is also the original developer of the property, and has continually served as property manager since its construction.
NEW YORK CITY — The Moinian Group has launched a $15 million capital improvement program for 295 Madison Avenue, a 47-story, 330,000-square-foot office tower located in Manhattan, New York City. Renovations will include a new grand lobby featuring Italian travertine stone flooring and walls, mirrored glass elevator walls, new digital turnstiles and elevator cabs. A new steel canopy will be built at the building’s entrance with the building’s signage prominently displayed in lights. The buildings ornate cast iron façade will be restored, and the exterior limestone surfaces will be power washed. The building will also see 2,000 new tilt-and-turn windows throughout the building. Finally, high-end retail space will be constructed along the building’s Madison Avenue front, and extending 180 feet along 41st Street. Gensler Architecture has been selected to design the retail space and the new grand lobby. Mitch Konsker, Matthew Astrachan, Mitchell Arkin and Mikael Nahmias of Cushman & Wakefield are serving as leasing agents for the property. Completion is scheduled for the first quarter of 2009.
IRVINE, CALIF. — San Diego-based Western Financial Planning Corp. has purchased a two-story office building for $3.7 million. Located at 9861 Irvine Center Dr. in Irvine, the 9,900-square-foot property offers 16 private offices, a built-in kitchen with bar, stove and cooking area, and signage on Irvine Center Drive. Western Financial plans to use the building to accommodate its growing business. Erik Thompson of DAUM Commercial Real Estate Services represented the buyer; Craig Fitterer and Mark Jerue of Lee & Associates represented the seller, A&L Holdings, in the transaction.
NEW YORK CITY — New York City-based Broad Street Development has sold 370 Lexington Avenue, a 27-story, 305,000-square-foot office property located in Midtown Manhattan, New York City. The property was acquired by Sherwood Equities and JPMorgan Chase for $155 million. Broad Street first acquired the property in 2006 for $97.2 million. The company has since completed a capital improvements plan that included a major lobby renovation, the addition of pre-built and build-to-suit office spaces, and numerous infrastructure improvements. The repositioning has brought occupancy to more than 90 percent as of closing.
WEST WINDSOR, N.J. — Princeton-based Commercial Property Network (CPN) has negotiated the sale of a 49,000-square-foot office building located at 693 Alexander Rd. in West Windsor. The property was acquired by The Trustees of Princeton University for $8.42 million. Princeton is also preparing to move into another nearby building that totals approximately 120,000 square feet and is currently under construction. William Barish of CPN represented the undisclosed seller. Representing the buyer was Peter Dodds of Morford & Dodds.